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Independent of IndiaSat, 17 Feb 2018 16:05:00 +0000en-UShourly1https://wordpress.org/?v=4.7.3http://theindependent.in/wp-content/uploads/2017/11/cropped-Independentlogo-Copy-32x32.jpgThe Independent.inhttp://theindependent.in
3232The PNBs $1.77 Billion pain is now Banking’s $2.74 Billion painhttp://theindependent.in/the-pnbs-1-77-billion-pain-is-now-bankings-2-74-billion-pain/
http://theindependent.in/the-pnbs-1-77-billion-pain-is-now-bankings-2-74-billion-pain/#respondSat, 17 Feb 2018 16:05:00 +0000http://theindependent.in/?p=957PNBs scam, linked to Nirav Modi’s companies may just have been tip of middle of iceberg. As agencies inquired on the modus operandi and the scope of scam, it now seems a figure of $2.27 billion tied to loans and corporate guarantees scam of Punjab National Bank may be staring at the entire banking industry.

In a report by Reuters, the agency reports that the Tax department estimates that as of March 2017, banks had extended loans and guarantees worth 176.32 billion rupees ($2.74 billion) to companies tied to billionaire jeweller Nirav Modi and his uncle Mehul Choksi.

The total impact of the scam is still being calculated and bill may well be much bigger than anything seen in past. While officially only four lowly officials of PNB have been charged in connection with the scam, it seems it was far more organised and widespread for just the named accused to pull it off. As the money was being constantly pumped on SWIFT channels, without a corresponding domestic account debit or even an intimation of guarantee in the banking system for over seven years the questions is how it went undetected for so long?

Then again the scam came to light only after the accused companies asked for more of the same guarantee from the bank and upon being rejected (without collateral) referred to similar transactions in past. Its almost sure that the entire process was so much institutionalized on both the ends (the bank and the accused companies) that those working on this scam didnt even realise that they were collaborators.

Suggesting further institutionalisation of scam, there seem to be nothing wrong as Nirav Modi and Chosi conducted themselves. IPO were being planned for Firestar Diamonds, owned by Nirav Modi and for another subsidiary of the Gitanjali were to debut this year. The promoters of both the companies were ready to face the rigorous process of SEBI for listing without any fear of being caught.

The bank said it has referred the matter to the law enforcement agencies for investigations.

The lender said it faces a contingent liability with regard to letters of undertaking (LoU) issued to billionaire jeweller Nirav Modi from a branch in Mumbai to secure overseas credit from other Indian lenders.

Addressing a press conference, MD and CEO of PNB Sunil Mehta said the bank will take action against the wrongdoers in the fraud case, which started in 2011.

“The bank has detected some fraudulent and unauthorised transactions (messages) in one of its branch in Mumbai for the benefit of a few select account holders with their apparent connivance. Based on these transactions other banks appear to have advanced money to these customers,” PNB said in a regulatory filing to the stock exchanges on Wednesday.

It further said in the bank, these transactions are contingent in nature and liability arising out of these on the bank shall be decided based on the law and genuineness of underlying transactions.

The quantum of transactions is about USD 1.77 billion (over Rs 11,300 crore). It is eight of the bank’s 2016-17 net profit of Rs 1,324 crore.

PNB has suspended 10 officers over the fraud and referred the matter to the CBI for investigations.

“The matter was already referred to law enforcement agencies to examine and book the culprits as per law of the land. The bank is committed to clean and transparent banking,” PNB said.

Now, the matter has come under the scanner of several agencies like CBI and Enforcement Directorate, markets regulator Sebi and stock exchanges.

PNB shares continued to dive for the second consecutive, ending with a sharp decline of 12 per cent at Rs 128.35 apiece on BSE today. Yesterday, it plunged by 10 per cent.

]]>http://theindependent.in/punjab-national-bank-pnb-has-detects-fraud-of-over-rs-11300-crore-all-bank-shares-tank/feed/0Khaleda Zia’s legal troubles may leave Bangladesh without an oppositionhttp://theindependent.in/khaleda-zias-legal-troubles-may-leave-bangladesh-without-an-opposition/
http://theindependent.in/khaleda-zias-legal-troubles-may-leave-bangladesh-without-an-opposition/#respondTue, 13 Feb 2018 04:54:48 +0000http://theindependent.in/?p=947The leader of Bangladesh national Party (BNP) Khaleda Zia who is now in jail for orphanage graft case has thirty-three more cases pending against her. Her legal troubles are more than personal in nature they have the potential to put entire Bangladesh opposition into disarray and give almost dictatorial powers to Sheikh Hasina.

Given Zia’s alignment with Islamist hardliners and Pakistani align elements it might be a good thing for India. Like most of the stable third world Islamic countries that struggle with low levels of education and high unemployment, Islamic parties have a strong hold over masses. These parties strongly suggest that following the way of Sharia, in its wahabi interpretation, holds the key to happiness and growth. Zia, though not her self Islamist, aligned herself with such elements to take on the popularity of Bangbandhu’s daughter Sheikh Hasina.

As with the attackers of 9/11 to the providing refude to Osama Bin Laden, Pakistan and its notorious intelligence agency ISI were accused of funding Ms Zia. Indian were forced to support Hasina what would have otherwise a free content.

The terror attacks within Bangladesh, and arrest of Bangladeshi nationals in US on terror charges didn’t help either Zia’s case either.

Tight rope walk of Hasina on the Rohingya refugees which involved Myanmar, India and China further strengthen her position where in the foreign support to Zia was all but neutralized.

Now The BNP is trying to meet and to tell diplomats about the political motivations behind the Zia Orphanage Trust case, however, except for Pakistan its not going to cut much ice with anyone else. To the international community Hasina is a popular leader who stands against terrorism and her compromise may create another terror hotspot. Zia got wrong allegiances and now she pays for her decisions.

]]>http://theindependent.in/khaleda-zias-legal-troubles-may-leave-bangladesh-without-an-opposition/feed/0Enemy at the Gates. Kadi Ninda won’t do (And we may have a new solution)http://theindependent.in/enemy-at-the-gates-kadi-ninda-wont-do-and-we-have-a-new-solution/
http://theindependent.in/enemy-at-the-gates-kadi-ninda-wont-do-and-we-have-a-new-solution/#respondSun, 11 Feb 2018 09:01:55 +0000http://theindependent.in/?p=942Pakistani Army is good in being naughty. It defeated the red army using the same tactics that is now being deployed in Kashmir. Our borders are under attack and behind the line attacks are targeting are Army stations causing us both grief and anger.

For all the outrage we may have against Pakistan this is time to mourn our dead and more importantly to strategize how to defeat Pakistan in the game it is so good at playing.

Back when ISI trained Mujahedeen to fight the reds, it didn’t have any nuclear weapon and absolutely no hope of defeating the mighty red army if the two were to ever engage each other. The same remains true for a direct engagement of Indo-Pak Armies. However, Pakistan did defeat the Soviet Armies and the nation ceased to exist.

History teaches us, venting out anger at Pakistani Military leads might lead us playing right by their game plan. Irrespective of our actions, the misdirected anger, by those in uniform, would only create more of Pakistani aligned fighters on both sides of border. This is a dirty fight in which the ‘pig’ will only enjoy while we get dirty. So where is the answer?

Sadly, it may be complete inaction on our side of border. Or that’s how it should be perceived. This is a war of intelligence where those in uniform have a secondary role. No Surgical strike or limited artillery fire can fix the Pakistani mindset. The first thing that Indian ‘Kadi Ninda’ government needs to know is that how great is our pain.

Pakistan is going through a severe problem of balance of payment. The Chinese loans that are powering its economy are being rerouted to China for all sorts of imports. Pakistan’s own exports are farm based and lack of winter rainfall has caused a great dent into it. With US stopping aids Pakistan’s military is on a long financial leash. If India were to mover a couple of its division into Punjab and Rajasthan (for war games), the cost of matching mobilization on Pakistani side itself may make it economically vulnerable.

Further the loss of khaki pressure on Baluchistan and NWFP would be a right time to support indigenous movements and disrupt the massive investments of CPEC, further strangling the economics of nation.

These are some new options for India, since this is the first time Pakistan is focusing on growth. It’s a right time to teach our neighbors that growth comes only in peace and that they too will have to work for it.

]]>http://theindependent.in/enemy-at-the-gates-kadi-ninda-wont-do-and-we-have-a-new-solution/feed/0‘Sticks and Stones May Break my Bones’- Osteogenesis child in Katiharhttp://theindependent.in/sticks-and-stones-may-break-my-bones-osteogenesis-child-in-katihar/
http://theindependent.in/sticks-and-stones-may-break-my-bones-osteogenesis-child-in-katihar/#respondSun, 11 Feb 2018 08:21:50 +0000http://theindependent.in/?p=937The story is a collaboration between Asadur Rahman on Ground in Katihar, Bihar and Gouri Joshi based in Delhi

Sitting as I gasped for breath after a 10-minute workout in the open gym, I looked at the little boys of my colony playing football. My body was tired, but the brain lapped up the scene and started processing thoughts at Godspeed. From thinking about the Indian sports scenario, to football memories at school, to cherishing the innocence of childhood; I looked at the young boys adoringly.

My gaze was broken by a WhatsApp ting ting, a message in Hindi. It was long, but I read it. It spoke of a 10 year boy in Bihar who suffers from a rare disease-his bones break on mere touch or even without it. I flinched and narrowed my eyes as I pictured the scene. The son of a laborer couple. Doctors perplexed and inefficient-‘unable’ to treat the young, faultless life. A life which deserved to achieve and enjoy-but young Adarsh’s life is far from ideal. He withers with pain, death would seem so much simpler in such a circumstance.

The evening air turned dense-Delhi pollution turned its worst in winter nights. I prepared to get up when suddenly a group of boys and girls my age emerged from behind the tree, smoking and giggling that even nonsmokers had bad lungs. I stomped home in disgust.

The heated over processor placed in my skull produced jumbled thoughts at unmappable speed. A monologue surfaced-Adarsh’s bones, smoke, smog, poverty. If doctors could not devise a cure-maybe this disease was rare and indeed beyond scientific research. What could I do about it? I had non-medical in my senior secondary. I turned to Google. Bone diseases. Rare Bone Diseases. Adarsh’s symptoms were closest to Osteoporosis.

Even the net stood by the Bihar doctors-I could find no cure or permanent solution online. But after hours of reading I figured out that rare diseases are contributions of genetic disorders and alterations in the DNA. These complications arise because of an unhealthy lifestyle dependent on drugs and tobacco, and adulterated food. They also arise because of insufficient diet, malnutrition in the mother and unsafe, unsupervised birth conditions.

If the child does not get sufficient Vitamin D and calcium intake, the problem is sure to occur. How laborers afford to feed their children milk when they seldom get chapatis, is the government’s concern. The largest democracy. The most vibrant youth population. 6.3 lakh aspirants for AIPMT each year. And yet, none affirms that Adarsh will walk again, live freely with the zeal of 10 yr old like him. It is our job to bring this issue to light. But let this not remain a written piece-jobs yearn to be done.